Gold unsustainable bounce

Gold bounce from $1,220 is unsustainable and losing its upward momentum before the closing of Thursday trading session. The price currently traded near $1,220 once again, will it test and break below the support level? We think the monthly close is more critical to watch and gold might close near $1,220.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver rejection from $15.60

Silver attempted to move higher after bullish Wednesday close. Unfortunately, the precious metal slip back below $15.60, rejected by the resistance and looks will close the day as bearish engulfing. The bearish engulfing pattern is not a good sign for the bull and could trigger more selling toward $15.00.

The price has not closed yet, and the bull will hope the price close inside the previous day candlestick range.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil building up pressure below$70.00

U.S crude oil inventory recorded a wider deficit than expected. The oil inventory fell 6.1 million barrels vs. -2.6 million barrels expectation. Base on the number, the bulls charging in and push the price higher. Today, the upward pressure continue and manage to bring crude oil near $70.00 before turning down.

Will the price continue its stride upside or rejected from $70.00 resistance?

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50